Investing.com -- Shares of Almonty Industries Inc (NASDAQ:ALM) gained nearly 8% in early Friday trading following a bullish initiation from Stifel, which highlighted the company's expanding production footprint and strategic positioning in the global tungsten market.
Stifel analyst Brock Cannon initiated coverage on the critical minerals producer with a Buy rating and a $25.00 price target. The price target suggests substantial upside from current trading levels near $12.40, reflecting growing institutional conviction in Almonty's growth trajectory.
The vote of confidence comes as Almonty transitions into Phase I commercial production at its flagship Sangdong mine in South Korea. Cannon noted that planned expansions, including a slated Phase II buildout at Sangdong and capacity growth at the Panasqueira asset in Portugal, are expected to position Almonty as the premier Western tungsten producer by the end of 2028.
Broader market dynamics continue to provide a strong tailwind for the sector, driven by geopolitical friction and supply restrictions. Tungsten prices have surged roughly 775% since the start of 2025 following China's decision to tighten export controls, structurally altering the global supply framework.
Wall Street has increasingly zeroed in on Almonty as Western supply chains seek alternatives to Chinese concentration. Stifel also pointed to additional long-term upside catalysts, including the prospective development of adjacent owned assets and the planned construction of a downstream tungsten oxide facility.
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